Is the SW Florida Real Estate market cooling off?

January 2021 saw a 39.41% increase in new listings compared to December 2020, the largest month over month increase since May 2020.There were 1045 less closings in January 2021 then in December 2020, a 24.36% decrease. The Median Sales price remained the same at $320,000.

This chart makes it look like a volatile market with the crazy lines but if we take a look at the weekly inventory chart below we might see a different story. Remember the inventory is the sum and difference of new, sold, terminated, expired, pending, and withdrawn listings as well as those that were put back on the market. Each week there is a loss of well over 1000 listings and that has been happening since last year.

Pending sales have continued to increase each week putting pressure on the available housing in the area. These will typically become closed sales in 30 to 60 days. I am noticing a slowdown of this increase in the first few weeks of February. We will have to see if this trend continues.

Fort Myers had 600 closed sales in January 2021, 28% fewer than December 2020 but 14.94% more than in January 2020. The Median Sales price fell 3% to $248,500 from $255,000 in December which was the high for 2020. Cape Coral had 489 closed sales, a decrease of 31% from December 2020 but managed a 5% increase in median sales price reaching $295,000.

Lehigh Acres saw a slowdown by 22% of January 2021 sales compared to December 2020 but had a 16.91% increase year over year. For the third month in a row the median sales price in Lehigh Acres has increased reaching $214,000, an 18.89% increase over January 2020. The number of sales in North Fort Myers was under 100 for the first time in the last six months but reach a median sales price of $195,000, a three month high and an increase of 8.94% over January 2020.

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